Question

HELP FAST!!!!

You are paid $7.25/hour. You work 40 hours/week for 2 weeks. Your involuntary deductions are FICA (7.65%), federal withholding (14%), and state withholding (7%). How much is your realized income?


A) $290.00

B) $206.91

C) $580.00

D) $413.83

Answer 1

D) $413.83

Calculate gross income then deduct all the taxes

Gross income 7.25*40*2= $580

Taxes:

7.65%*580= 44.37

14%*580= 81.20

7%*580= 40.60

Add all the taxes together 44.37+81.20+40.60= $166.17

Subtract the total taxes from the gross pay

580-166.17= $413.83